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Hong Kong ranks world's most competitive economy
Hong Kong regained the title of the world's most competitive economy, moving up from second place last year, according to the International Institute for Management Development (IMD) World Competitiveness Yearbook 2016 released on 30 May. The IMD ranked Hong Kong top among the 61 economies assessed and also recognised Hong Kong for its consistent commitment to providing a favourable business environment, encouragement of innovation through low and simple taxation, free flow of capital, and role as a gateway between the Mainland China and the global capital markets. Read more about the report here. |
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Belt and Road Summit
Hong Kong hosted its inaugural Belt and Road Summit on 18 May, attracting more than 2,000 participants including political leaders, policymakers, representatives from international organisations, business leaders and experts in related trades from all over the world. They discussed the new opportunities presented by the Belt and Road Initiative in various areas, like finance, logistics and maritime transport, professional services, cross-border investment, infrastructure development and international trade, as well as the unique role that Hong Kong could play. Find out more about the Summit here. Know more about the Belt and Road Initiative here. |
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Mainland China and Hong Kong Customs signed tariff deal under Free Trade Agreements
Mainland China and Hong Kong Customs signed the Co-operation Arrangement on Origin of Transhipment Cargo in Hong Kong under Free Trade Agreements on May 24, in order to strengthen Hong Kong's role as an international trade and logistics hub as well as to encourage the trade to choose Hong Kong as a transhipment location.
The Co-operation Arrangement covers goods traded between the Mainland China and its trading partners, including Australia and New Zealand. Find out more about the Free Trade Agreements Transhipment Facilitation Scheme here. |
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Smiggle enters Hong Kong market
Australian stationery brand Smiggle opened its first store in Hong Kong on 21 May. The company said that Hong Kong was a dynamic city with a very energetic workforce. It was optimistic about the demand for its products and was going to open two more stores in Hong Kong in late June. Invest Hong Kong added that Hong Kong’s retail market offered a dynamic environment for brands looking to expand into Asia and its sophisticated logistics infrastructure supported the retail operations of both large and small companies alike. Read more here.
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Ashley Alder of Hong Kong SFC to lead IOSCO
Ashley Alder, CEO of the Securities and Futures Commission (SFC) of Hong Kong, was appointed as the new Chairman of the International Organisation of Securities Commissions (IOSCO) board. The SFC’s Chairman, Carlson Tong said that the appointment demonstrated Hong Kong’s standing as a leading international financial centre. IOSCO was the leading international policy forum for securities regulators, and its membership regulated more than 95% of the world’s securities markets in more than 115 jurisdictions. Read more about the story here. |
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Cyber Security
The Hong Kong Monetary Authority had announced the launch of a “Cybersecurity Fortification Initiative” (CFI) to further enhance the cyber resilience of the banking sector in Hong Kong. The CFI was a comprehensive initiative which was comprised of a Cyber Resilience Assessment Framework, a new Professional Development Programme and a new piece of infrastructure namely the Cyber Intelligence Sharing Platform. Read more about CFI here. |
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Hong Kong young inventors make life easier
Meet Hong Kong’s bright young inventors - these creative secondary school students showcased their brilliant ideas at the Hong Kong Student Science Project Competition 2016. They made innovative use of science and technology to make people’s everyday lives easier, with inventions ranging from the Pocket Smart Air-conditioner which helped people to stay cool during hot summers to a Smart "Mobile" Car which could carry up to 60kg of materials. Read more about the story here. |
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